As we watch U.S. Olympians competing in what, for many, is the fruition of a lifetime of effort and focus, it's sobering to remember that the IRS is watching too. The medals these athletes win as they represent the U.S. will be taxed as income under current law.
According to U.S. tax law, Olympians must add the value of their medals to their taxable income and are therefore liable for a tax of up to 35% on medals they receive from competing.
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10 comments:
Go Obama. Tax the men because they have gonads and the women because they have breasts. Stand up you whimp and put a stop to it.
because Obama has anything to do with this?
No, but he could sign another exectutive order like he's done 300 times. Just tell him to get out the pen and take care of it. He really does not care because there's no money going in his pocket on this one. Oh he just might do it. Gabby Douglass won the gold for the USA in gymnastics and she is black. Her family also owes money to Excallaber training facallity in Virginia Beach.
Wait till Obama signs the order to disarm the citizens as Hitler did.
Why not...the rate could be lowered but hey they get a free ride room board an experience of a lifetime then follow that up with sweet deals most will profit hansomely, they represent the USA...I dont see a problem with it..but hey those medals should be at least 99.9 % pure minerals they claim to be
That just isn't right.
sounds like a fake story
he shrewdness of such a tax is best understood in light of the monetary prizes that go along with Olympic medals. Gold medal recepients receive $25,000 with their medal, Silver recepients get $15,000, and Bronze gets $10,000.
Well, I didn't know that
I guess taxes were paid during other Olympics, right?
The discussion I heard seemed like "someone" was trying to get the people to agree that income made overseas shouldn't be taxable.
If you go on the Price is Right and win, the prize money or the value of the prize is taxable. Should we exclude game show winners as well?
If you go on the Price is Right and win, the prize money or the value of the prize is taxable. Should we exclude game show winners as well?
August 3, 2012 9:03 AM
You want to compare a game show to the Olympics?
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